June marked mixed vehicle sales and an uptick in incentives ahead of the July Fourth holiday, while the industry continues to keep an eye on impacts from cyberattacks that halted dealer operations. #autofinance #autoindustry #sales #compliance https://hubs.la/Q02FKdv40
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Our CEO, Pete MacInnis, recently joined with John Huetter of #autonews to explore a crucial topic that we think could really spark some important conversations: The Transparency Disconnect in Car Buying. 🔍 Here’s what its all about: • The differing perceptions of transparency between consumers and dealers. • The gap between how dealers prefer to sell and how consumers want to buy. • The balancing act dealers face between customer transparency expectations and dealership profitability. Gain insights into a more transparent and successful future in auto retail. 👉 Read the full article here: https://loom.ly/41WGMAQ #cardealers #cardealerships #connectedretailing #dealers #dealership #digitalretailing #digiitalfinance #elendsolutions #modernretailing #predesking
Customers want more car loan information online, eLEND finds
autonews.com
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As New Car Prices Drop, Floor plan costs go up! In the ever-evolving auto industry, recent data from Cox Automotive shows a promising trend: new car prices are finally dropping. With average transaction prices dipping to their lowest in nearly two years and inventory levels at a 52% increase year-over-year, dealerships are facing both an opportunity and a challenge. While more inventory on lots means more competitive pricing and better deals for consumers, it also presents a significant challenge in managing floor plan costs and inventory holding periods. High-interest rates are still a hurdle, with the typical new vehicle loan interest rate currently standing at an eye-watering 10.47%. But what if there was a way to mitigate these challenges effectively? Enter YRS, a revolutionary approach to dealership floor plan management. Our unique banking strategy eliminates up to 70% of floor plan interest and gets rid of the traditional 30/60/90 day terms. Imagine a world where: Immediate payment upon sale is no longer required. You are free from lender compliance or promissory notes. Curtailments are a thing of the past. No more dealer audits or lot regulations to worry about. And say goodbye to floor plan fees! Even if you choose to keep your existing plan, YRS can show you how to significantly reduce your costs. With our strategy, even if inventory sits longer on your lot due to fluctuating market demand, the associated floor plan interest and fees won't put your business at risk. Why not leverage YRS to navigate this new pricing landscape more profitably? Our goal is to help dealerships like yours maximize profits while minimizing unnecessary financial burdens. Learn more https://lnkd.in/gRnwHSE8.
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Attention all auto lenders and especially lenders purchasing indirect loans. The FTC just released their long awaited "Combating Auto Retail Scams (CARS)" Rule, and it will have very important ramifications. Here is the initial response from the NADA and we will be providing some additional commentary from a Lender perspective soon. Here is the link to the entire Rule https://lnkd.in/dAiPqriB
NADA pushes back against FTC’s ‘heavy-handed’ vehicle-purchasing rule | Auto Remarketing
https://www.autoremarketing.com
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Automotive News covered our recent "Future of Auto Finance" snapshot survey of credit union professionals, highlighting the data showing that 71% of credit unions plan to expand or deepen car dealership relationships in 2024, and that 59% thought their portfolios would benefit by adding auto leasing in 2024. CULA president Ken Sopp also offered his insight, predicting that leasing would grow industry-wide, expecting its rebound would be "the story of 2024." Click here to read the full article: https://lnkd.in/gaMnP3P3 #CreditUnions #VehicleLeasing #cardealers #LendingSolutions #autoindustry #AutoLending #AutoFinance #automotive #cars
Credit unions plan to grow auto dealership relationships in 2024
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The recent Used Car Week event featured record attendance in workshops and panel discussions focusing on vehicle repossessions, indicating heightened interest in the topic. This surge in attention can be attributed to alarming data shared by industry experts. S&P Global Ratings reported a weakening in auto ABS performance for September, with both prime and subprime annualized losses increasing. Subprime losses reached their highest September level since 2009. Cox Automotive's chief economist, Jonathan Smoke, presented October data revealing a six-month consecutive rise in 60-day delinquencies, reaching the highest October rate since 2006. The subprime severe delinquency rate also saw a notable increase, with delinquencies translating into rapid defaults, indicating a growing concern in the auto finance sector. Discover more here: https://rb.gy/49g581 #UsedCarWeek #AutoFinance #Repossessions #SAndPGlobalRatings #CoxAutomotive #Delinquencies #Defaults
Experts spot negative auto-finance readings not seen in 17 years | Auto Remarketing
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Attention Car Dealerships! 📢 🚗 Are you ready to accelerate your business to new heights? Introducing Revolving Credit Facilities – the engine that powers your ability to purchase inventory while maintaining your cash flow! Key Benefits: Expand Your Inventory: Unlock the ability to bring in a diverse range of vehicles, giving your customers more choices and boosting your sales potential. Maintain Cash Flow: Keep your cash reserves intact by accessing funds specifically designed for stock purchases. No more compromises on day-to-day operations! Stay Competitive: With a steady stream of inventory, you'll stay ahead of market trends, ensuring you always have the latest and most sought-after models. Flexible Terms: Revolving Credit Facilities are tailored to your needs, offering flexible repayment terms that align with your sales cycles. Quick and Convenient: Say goodbye to lengthy approval processes. Our streamlined application ensures you can focus on what you do best – selling cars. Ready to revamp your dealership's inventory and boost your cash flow simultaneously? Contact us today to learn more about how a Revolving Credit Facility can take your dealership to the next level. W: www.stellarfinancial.co.uk T: 020 3535 0025 E: enquiries@stellarfinancial.co.uk #revolvingcredit #cashflowmanagement #cardealership
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Alliance Director: Creating mutually beneficial strategies and outcomes through collaborative partnerships.
Interesting piece on how the auto market was performing at the end of last year.
The Automotive Finance Market Shows Signs of Optimism in Q3 2023
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What types of institutions are providing financing for vehicle purchases? What types of consumers are utilizing financing in vehicle purchases? How are credit scores and credit quality in auto finance? Check out our blog on the current state of the auto finance landscape for the answers to these questions and more!
Our latest report on the 2024 State of Auto Finance is out! Discover how F&I departments are crucial for auto dealerships, the dominance of captive finance companies, and how rising interest rates are impacting vehicle purchases. Unpack these insights and more by reading the full report. https://lnkd.in/gP8b5PMh | #autofinance #dealerships #autoindustry
2024 State of Auto Finance
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Have you caught this CarMax commercial? They've cleverly used humor to spotlight their credit prequalification service, and it's brilliantly effective! It's a standout example that highlights a pivotal shift in the automotive industry towards the necessity of credit prequalification for enhancing the consumer experience, for Gen Z shoppers and beyond. 𝗪𝗵𝘆 𝗶𝘀 𝘁𝗵𝗶𝘀 𝘀𝗵𝗶𝗳𝘁 𝘀𝗼 𝗽𝗶𝘃𝗼𝘁𝗮𝗹? The journey to car financing is fraught with challenges for many consumers. Traditional "auto-submit" methods, which flood multiple lenders with applications hoping for an approval, often result in a dishearteningly high rejection rate. This process is not just discouraging for potential buyers but also inefficient for dealerships and financial institutions. The issues typically stem from application inaccuracies or mismatches – be it income discrepancies, unsuitable vehicle and F&I product selections, or the strict dichotomy of prime vs. non-prime credit classifications. 𝗧𝗵𝗲 𝗢𝗻𝗹𝘆 𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗣𝗿𝗲𝗾𝘂𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗶𝗻 𝗖𝗮𝗻𝗮𝗱𝗮 🍁 In an era where consumer expectations are continually escalating, adopting credit prequalification is indispensable for 𝗱𝗲𝗮𝗹𝗲𝗿𝘀𝗵𝗶𝗽𝘀, 𝗢𝗘𝗠𝘀, 𝗮𝗻𝗱 𝗺𝗮𝗿𝗸𝗲𝘁𝗽𝗹𝗮𝗰𝗲𝘀 striving to remain competitive and cater to the modern car buyer's needs. At DecisioningIT, we understand the importance of seamless integration and flexibility in digital solutions. That's why 𝘄𝗲 𝗼𝗳𝗳𝗲𝗿 𝗼𝘂𝗿 𝗰𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗰𝗿𝗲𝗱𝗶𝘁 𝗽𝗿𝗲𝗾𝘂𝗮𝗹𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 𝗯𝗼𝘁𝗵 𝗮𝘀 𝗮 𝗪𝗶𝗱𝗴𝗲𝘁 𝗮𝗻𝗱 𝗮𝗻 𝗔𝗣𝗜, enabling dealers, OEMs and marketplaces to effortlessly incorporate this functionality into their websites or digital retailing platforms. This approach not only enhances the online shopping experience but also streamlines the purchasing process, ensuring that customers have access to transparent, accurate financing options at their fingertips. Embrace the future of automotive sales with DecisioningIT and contact us to learn ore about our products ! Visit https://lnkd.in/gGB5UrD4 to contact us, or simply write to info@decisioning.it
Credit prequalification... in Canada ?
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Very informative article by John Huetter. In the article John points out many factors that are contributing to slight declines of PVR in four out of six of the major publicly held dealer groups. One that wasn’t mentioned is how #electricalvehicles, #PHevs and #hybrids are effecting overall PVRs too. We realize these units represent a small percentage of sales today but can excellerate lower profits if dealerships treat EVs like I.C.E. (Internal combustion engines) vehicles in F&I. Dealerships must offer electric relevant products and get good at it too! Automotive News
Four of the six major publicly traded franchised auto dealership groups saw same-store finance and insurance gross profit per vehicle decline year over year in second-quarter earnings, with two of them pointing to higher interest rates as challenges.
4 of 6 publics see Q2 F&I gross profit drop; more decline possible
autonews.com
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